The yield on the 10-year U.S. Treasury auction came in below pre-auction trading levels, pushing yields lower

The U.S. Treasury issued $42 billion in 10-year bonds with a winning yield of 4.342%, which is lower than the pre-auction trading level of 4.354% at the 1 p.m. bid deadline in New York. U.S. Treasury bonds subsequently rose, with the 10-year yield falling to an intraday low of 4.32%, down more than 2 basis points on the day.